International residential specialist Greystar has announced its official market entry into Italy. With the acquisition of its first development site in Bologna, the company is launching the construction of a modern student housing scheme with 400 beds. Italy represents the ninth European national market for Greystar, which has steadily expanded its footprint across the region since 2013.
Bologna marks the start of a broader growth initiative. By 2027, the company aims to establish a nationwide portfolio of at least 2,500 student beds. Management is currently evaluating further investment opportunities in the metropolitan areas of Milan, Rome, Florence and Turin. Across its wider European business, Greystar already manages assets of more than EUR 20 billion comprising over 93,600 residential units and beds, with more than EUR 6.8 billion in investment capital deployed or available under its continental value-add strategy.
Strategic partnerships and local market potential
According to Rafael Fernández-Villaverde, Managing Director Southern Europe at Greystar, Italy features pronounced student mobility alongside a severe shortage of purpose-built accommodation. The company relies on an integrated platform combining acquisition, development and operational management. To execute the scheme, a partnership has been formed with developer Redbrick, led by partners Nicola De Martino, Alexio Pasquazzo and Giuseppe Scavolo. In addition, Savills Investment Management acts as fund manager for the Italian investment structure.
The chosen location is one of the country's most prominent university hubs: roughly 87,000 students are enrolled in Bologna, around 55,000 of whom originate from outside the region. Despite this strong demand, with mobile students accounting for 63 per cent of total enrolments, purpose-built student accommodation currently covers only about 5.4 per cent of the market, and even including all pipeline schemes, this figure is expected to reach only around 10 per cent in the medium term.
Project details and institutional financing
The project is situated near Porta Mascarella in Bologna's historic city centre. The main campus of the historic University of Bologna is approximately a 13-minute walk or a five-minute cycle ride away. Planning permission for the site has already been granted, allowing construction work by general contractor Di Vincenzo Dino & C. S.p.A. to commence shortly.
- —Planned unit types: Standard and premium studios as well as functional twin rooms
- —Communal areas: Co-working and study spaces, gym, rooftop pool, food and beverage, and retail
- —Sustainability standard: Targeted BREEAM 'Excellent' certification
- —Operational concept: European platform brand Canvas with on-site management teams
ING is providing a EUR 45 million financing package for the project, comprising a green construction loan and a VAT facility. ING is acting as Mandated Lead Arranger, Agent, Green Coordinator and Hedging Partner. Greystar was advised on legal matters primarily by Jones Day, supported by JLL, Deloitte and Studio Legale D'Ettorre. DLA Piper advised the financing bank.
